Central Bank Act, 1971
|
Directors of Bank. |
53.—(1) Section 5 of the Act of 1942 is hereby amended— | |
(a) by the substitution of “two” for “three” in subsection (3) (b), and | ||
(b) by the substitution of “six” for “five” in subsection (3) (c). | ||
(2) The banking Directors shall be appointed, after consultation by the Minister with the Governor, from among persons who at the time of the appointment hold office as directors of an Associated Bank. | ||
(3) If and whenever a banking Director ceases to hold office as a director of an Associated Bank, he shall forthwith become and be disqualified from holding the office of banking Director. | ||
(4) (a) Subsections (1) and (2) of this section shall come into operation on the first day (not being earlier than the day appointed under section 1 (3) of this Act) upon which a person who is a banking Director ceases to hold that office. | ||
(b) Subsection (3) of this section shall not apply in relation to a person who holds office as a banking Director on the day appointed under the said section 1 (3) during the term of office for which he was so appointed. |